Skip to content Skip to Search
Skip navigation

Lebanon to conduct seismic studies on offshore block 8

By Pramod Kumar
Lebanon seismic offshore Dalati Nohra/Handout via Reuters
Lebanese politicians and representatives from TotalEnergies on the TransOcean Barents drilling rig offshore Lebanon

Lebanon has granted a licence to a consortium of international companies to conduct seismic studies on its offshore oil and gas block 8, caretaker energy minister Walid Fayad said.

“Today is a historic day in a journey that started in 2010,” the state-owned National News Agency cited the minister as saying.

“There are major hopes pinned on this block 8, and it had not been possible to launch the survey prior to demarcating the border with Israel, something that took place last year,” Fayyad said.

The names of the companies were not disclosed.

Exploratory drilling in offshore oil and gas block 9 was scheduled to commence on Thursday this week.

“After 67 days, we will know the results of this drilling. We hope it will bring good things for the Lebanese,” the minister said after meeting top executives of France’s TotalEnergies.

Lebanon hopes oil discoveries will help its moribund economy rebound. The government in February devalued the Lebanese currency by 90 percent as foreign currency reserves depleted.

Latest articles

Architecture, Building, Cityscape

Ajman sees 7% rise in hotel revenues amid tourism surge

The number of tourist arrivals in Ajman rose 9 percent year on year during the first quarter of 2024, leading to a 3 percent increase in hotel occupancy levels, according to the Ajman Department of Tourism Development. Revenue rose 7 percent year on year in the first quarter, as the average length of stay increased 5 percent, […]

Dubai The World Villas

Demand for beach plots sells 80% of The World villas in days

An ultra-luxe villa community planned for Dubai’s The World Islands is more than 80 percent sold only days after first being announced, thanks to the dearth of available beachfront plots in the city. The boutique developer Amali Properties, co-founded by siblings Ali and Amira Sajwani of Damac Properties, said last week that the community will […]

Path, Road, City BHB06R Wall Street Bull in Downtown Manhattan, NYC

Saudi stock trading slumps as interest jumps in US stocks

Saudi trading in US stocks trebled in the fourth quarter of 2023 compared with the previous year to SAR58.7 billion ($15.6 billion), as the kingdom’s interest in US equities revived following the Covid pandemic. Total trading in foreign and domestic markets remains historically low.  The transactions in the US market accounted for more than 97 […]

Investor Tim Draper told AGBI the US must 'swing back to freedom' to avoid losing innovation to countries such as the UAE

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]